Compliance BS?

I work at a PE shop with around 3bn in AUM. We recently hired an outsourced compliance firm and they're now requing to have a "direct feed" which provides them with real time access to all employees bank accounts and trading accounts. They asked for my account details and passwords as well as my wife's. Not only do I not like sharing passwords and what not with some random company but this seems super over the top for a PE firm, no? It's not like we are a hedge fund with material public exposure. If they wanted me to give them a quarterly print out of my trading activity i would be okay with that but a direct feed seems nuts...